HSBC’s James Steel isn’t holding out much hope for gold prices making further gains, with the spot price settling at $1,181.15 a troy ounce yesterday. In a note out today, he warns that the upcoming Fed and ECB meetings may restrain the metal’s performance.

The post-election slump in gold prices continued, extending last week’s decline to drop near a six month low as investors labored to digest what a Donald Trump presidency means for interest rates, the economy and inflation.

Gold for delivery in December fell 0.2% to $1,221.80 a troy ounce in recent market action after earlier falling to a session low of $1,211, the lowest since the beginning of June in already heavy early morning trading on the Comex market in New York.

Gold has fallen more than $100 an ounce after an initial surge on Tuesday as results showed a likely Trump victory.

Prices for both precious metals are down today as stock prices surge and investors continue to rotate out of safe havens following Donald Trump’s victory in the 2016 presidential election, but analysts expect both metals to rally into next year. But silver could actually generate better returns, says Maxwell Gold, director of investment strategy for ETF Securities. He sees the metal rising to $23 an ounce next year, a 30% gain.

Gold prices hit a four-week low today as investors continued to turn their back on safe haven assets. But it isn’t the only precious metal having a bad day, with the ETFS Physical PM Basket (GLTR) down almost 2.8% in recent market action.

Gold isn’t the only precious metal looking a bit tarnished. Silver, platinum and palladium futures are all in the red ahead of tomorrow’s jobs report.

The biggest loser? Silver. Futures for December delivery fell 40 cents a troy ounce or 2.16% to $18.29. The iShares Silver Trust (SLV) and the ETFS Physical Silver Trust (SIVR) are both down 1.3% in recent market action.

Yesterday, gold prices broke a six day losing streak with a rebound. Well, the winning streak isn’t lasting. Gold for December delivery fell $1.10 per troy ounce, or 0.1% to 1,259.30 in recent market action, marking the seventh decline on the past eight trading sessions. The price, though down 4.4% for the month of October, sits 20% higher compared to the start of the year.

Gold hit fresh a five-year low on prospects for higher U.S. interest rates and after China said it held less metal in reserves than some analysts expected. But it isn’t the only precious metal losing its shine today.

Platinum plunged to the lowest since 2009, while silver and palladium lost more than 2% in recent trading, according to Bloomberg.

Gold’s most active futures contract recently fell 2% to $1,084, marking the eighth day in a row that futures have dropped.

In the ETF arena, the SPDR Gold Shares (GLD), the market’s first and largest physical gold exchange-traded fund, declines 2.14% to $106.31, putting it on track for its lowest closing prices since March 2010. Miners, meanwhile, took en even harder hit. The Market Vectors Gold Miners ETF (GDX) fell 5% in recent trading to $14.66.

As Chris Verrone and Todd Sohn at Strategas write:

…it’s still a short in our view as it sits near multi-year lows (the Gold stocks are already through the 2008 lows).

Gold is facing a perfects storm. Friday’s price plunge was blamed on a confluence of the rising U.S. dollar (A strong dollar hurts the allure of gold) and the increasing likelihood that the Federal Reserve will hike short-term interest rates for the first time in nearly a decade. Meanwhile, China updated its bullion reserves on Friday for the first time since 2009, revealing a large, but smaller than expected increase.

While we have maintained a short-term price target for gold of USD1,100/oz, we are surprised by how abrupt the move was. Nevertheless, further downside risks remain. Aside from the weak technical picture (gold has finally broken the USD1,130/oz support that has held since 2014), other indicators also suggest the likelihood of an immediate rebound is low. We would be sellers of rallies, and wary of buying dips…In our view, today’s price action does not seem to be driven by fundamentals. The nature, size and timing of the heavy selling suggests a market participant was taking advantage of low liquidity or some sort of forced selling had taken place (Japan is on holiday today). We will only know in hindsight, but the damage to gold has been done. The break of the critical USD1,130/oz support level now makes the technical picture look very weak. Short-term supports sit at USD1,085/oz and USD1,050/oz while topside resistance at USD1,130/oz looks pretty solid.

Palladium is used to make catalytic converters used to clean auto emissions. The China Association of Automobile Manufacturers on Monday reported that China sales of passenger vehicles in April saw the slowest growth since February 2013, raising investors’ concerns about a key market for the metal.

Palladium for June delivery recently fell $20.80 to $781.55 a troy ounce on the Comex division of the New York Mercantile Exchange.

Gold may be more expensive, but its silver that’s generating the better returns. Or at least that’s what Tom Lydon at ETF Trends.com writes about silver-related exchange-traded funds, which have outperformed other precious metals-based funds in 2015.

There are some drawbacks facing silver. A strong U.S. dollar and a deflationary environment may cause metal prices to flounder. The recent pullback by the greenback, however, has provided a nice lift for silver and other precious metals.

Still, as of today, the iShares Silver Trust (SLV) have climbed 7.8% since the start of the year, while the ETFS Physical Silver Shares (SIVR) gained 8.17% and the PowerShares DB Silver Fund (DBS) increased 8.1%. In contrast, the SPDR Gold (GLD) only added 1.1% so far this year and the ETFS Physical Platinum ETF (PPLT) rose 7.3%.

In the more mainstream demand side, silver jewelry demand is still rising due to increased consumption among emerging markets, notably in China where we are seeing a rising middle class with increased discretionary money.

On the supply side, silver miners are finding less deposits and producers are expanding into new projects, which suggests that silver could be in shorter supply ahead.

Additionally, there is the money valuation angle. As central banks keep dumping money into the world economy, paper money becomes less valuable and hard assets, like silver, become a better store of wealth.

It looks like gold prices could notch a sixth straight winning session. The precious metal shrugged off early weakness Wednesday morning following an unexpected drop in February durable-goods orders, sending ETF prices higher.

Gold for April delivery rose $5.70, or 0.5%, to $1,197.20 an ounce, a day after scoring the highest settlement for a most-active contract since March 5. The metal posted a slight gain yesterday as some investors sought the precious metal as a safe harbor from volatile swings in foreign-exchange markets.

In other precious metals trading, May silver futures rose 3.2 cents, or 0.5%, to $17.01 an ounce. April platinum gained $6.70 to $1,148.20 an ounce, while June palladium rose $1.50 to $765.25 an ounce.

About Focus on Funds

As exchange-traded funds and other investing vehicles have ballooned in number, the task of figuring out what works well and what doesn’t has only gotten harder. Barrons.com’s Focus on Funds looks under the hood of ETFs, mutual funds and hedge funds for overlooked values, actionable ideas and the latest pitfalls for fund investors.